Loan Programs and Loan Options
In today's lending market there are many options to choose from. Sometimes the differences in these programs can be subtle but signi ficant. We offer a variety of loan programs to fit your needs. This page provides an overview of many of the different programs on t he market. Contact us to find out what programs are currently available, or for any other related questions.

FHA MORTGAGES VA MORTGAGES JUMBO LOANS 80/15/5 EMERGING MARKETS

HIGH DEBT RATIO LOANS 203K FHA MORTGAGE CONSTRUCTION LOANS FLEX 97 LOANS NO DOC/STATED INCOME INTEREST ONLY

2ND MORTGAGE LOANS A- THRU D PROGRAMS      OPTION ARM HYBRID LOANS INVESTOR LOANS            Click here to contact us          for information on other less common programs.

80/15/5 - This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/10.


FHA MORTGAGE -Federal Housing Administration which is a part of the Department of Housing and Urban Development offers the borrower the ability to put as little a 3% down payment. They can even finance your closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. FHA loans cannot exceed the statutory limit. Section 203(b) is the most frequently used FHA program


203K FHA MORTGAGE - Same as FHA above but with the ability to finance home improvements that are needed. One mortgage is given based on the value plus improvements up to 115% of the future value. These improvements must be over $5000 and can be for a new kitchen, new bathroom, to add a garage or to structurally improve the property. They cannot be to add a swimming pool etc.


VA MORTGAGE - Backed by the Veterans Administration and the federal government it is similar to FHA except that you have to be a qualified Veteran or military person. Lenders generally limit the maximum VA loan to $203,000. The VA program allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment.


JUMBO LOANS - Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans. The 2007 conforming loan limits for first mortgage

One-family:	$417,000
Two-family:	$533,850
Three-family:	$645,300
Four-family:	$801,950

This program offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation. Cash out and No cash out refinance are allowable.  Single family detached, Condo~Rs, PUD~Rs and single-family second homes can be financed with no prepayment penalty. 


EMERGING MARKETS PROGRAM - 0% Down payment required and closing costs can be financed up to 105% of the purchase price. Only single-family homes that will be owner occupied are eligible. First time home buyer status not required and there are no income limits.



NO DOC/STATED INCOME - Loans where your income is not requested or verified with as little as 10% down are stated income loans.  There are several varieties of the "no-doc" loan today. Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today's non-conventional borrowers.


INTEREST ONLY - Shorter term adjustable rate mortgage where borrower is not required to make payment on the principal.


FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.


A- THRU D LOANS - These mortgages are for individuals with imperfect credit. They can vary from slightly damaged credit to severely damaged. Whatever the situation we have a mortgage that will get you back on track.


2^ND MORTGAGE LOANS - Subordinate to the first mortgage these loans offer the borrower the ability to get money for home improvement, debt consolidation or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.


HIGH DEBT RATIO LOANS - Borrowers having the ratio of their monthly bills to their monthly income higher than 50% is considered a high debt ratio.  Loan programs are available for these borrowers, allowing them to finance the purchase of a home or property.


CONSTRUCTION LOANS - Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that's overly complicated and time consuming. With this loan we will finance up to 90% of the cost of land plus the costs of construction. We offer a one time fixed rate closing or the traditional ARM products. Short term construction loans, STANDBY and CONSTRUCTION PERMANENT loans are available. Construction lenders normally make short term loans (6 months tp 1 year) and then require a permanent lender to fund the project and pay off the construction loan. Institutional banks are an excellent source for construction loans only. Savings and loans are an excellent source for construction and permanent financing. Stanby loans are writen for the purpose of the borrower being able to secure a construction loan. The standby lender simply agrees to stand by for a certain period of time and fund the loan at the end of that period. 


INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced these programs have many variations such as LIMITED DOC and FULL DOC. PROGRAM NOT AVAILABLE IN NEW YORK.

OPTION ARM - This loan program is an adjustable rate mortgage with added flexibility of making one of several possible payments on your mortgage every month, in order to better manage your monthly cash flow. Option ARM loan programs are right for you if you'd like to own your property only for a short time, and prefer affordability and flexibility in your monthly payment. With the minimum payment option, your monthly payment is set for 12 months at your initial interest rate. After that, the payment changes annually, and apayment cap limits how much it can increase or decrease each year. With the interest-only payment option, you can avoid deferred interest, when the minimum payment is not enough to pay the monthly interest due. The interest-only payment option, however, is not available if the interest-only payment would be less than the minimum payment. With fully amortizing payments (30 year payment), you pay both principal and interest and keep your loan on schedule. Your payment is calculated each month based on the prior month's fully indexed rate, loan balance and remaining loan term. If you prefer to put your loan on an accelerated schedule and can afford higher monthly payments, the 15-year payment option allows you to repay your loan twice as faster and save more than half the total interest costs of a 30-year loan.

HYBRID LOANS - Hybrid loans are a combination of fixed and ARM loans.

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